Aeroflot-Russian airlines Annual Meeting of Shareholders held today, May 27, 2002 in Moscow

On May 25, 2002 open joint stock company Aeroflot-Russian airlines annual shareholders meeting was held in Moscow. The annual report, consolidated balance sheet, consolidated profit and loss statement, profit distribution according to the results of 2001, the auditor, five basic corporate documents revision - the Charter, Board of Directors Regulations, revision committee, annual shareholders meeting procedures and, for the first time, on Aeroflot Executive Board were approved at the meeting. Also new members of the Board of Directors and revision committee were elected.

The annual shareholders meeting approved the decision of the Board of Directors to pay dividends for 2001 to the shareholders of more than 66,7 million rubles totally, which is twice as much as in 2000.

As the result of Aeroflot production and financial activities, profit before taxation amounted to 2,897,388 thousand rubles. The net income after taxation was 1314.849 million rubles (in 2000 - 1237.874 million rubles). Due to the stock quota rise the annual capital investment yield came to 60%.

In the report Valery Okulov, Aeroflot General Director, determined the main company goals for 2002: providing maximum flight safety, expenses control, prime costs reduction, aircraft fleet restructuring, building a new terminal in Sheremetyevo airport. Within the next three years the company intends to invest 54 million USA dollars in service improving and corporative culture developing programs.

The annual Aeroflot-Russian airlines shareholders meeting elected the new Board of Directors. According to the preliminary information it includes:

The final results will be published according to the Federal Law about the joint-stock companies.

Open joint-stock company Aeroflot-Russian Airlines was registered in 1994. Its authorized capital stock is 1,110,616,299 rubles now. The stock par value is 1 ruble. The government of the Russian Federation owns 51.17% stake.